Name: Michael Bloomberg
Birthdate: February 14, 1942
Famous Years: 1982-Present
Currently Known For: 11th Richest Man in the World
|Networth: $51.6 Billion||Famous For: Former Mayor of New York City|
Birthdate February 14, 1942
Famous Years 1982-Present
Currently Known For 11th Richest Man in the World
Networth $51.6 Billion
Famous For Former Mayor of New York City
The ultra-rich haven’t avoided politics in their careers (just take a look at the current United States President), but Michael Bloomberg might be the richest to ever become a politician. The former Mayor of New York City is one of the 10 richest people in the United States, and there are still ongoing talks that he might run for President one day.
Bloomberg, despite being associated with New York, was actually born in Boston on February 14, 1942. He would spend his childhood in the Boston area, becoming interested in business while he was in school. After he graduated from high school, Bloomberg would attend Johns Hopkins University, where he actually earned his degree in Electrical Engineering. It wasn’t until he went to Harvard afterward that he received a Business Administration Master’s degree.
Following his time out of college, Bloomberg would head to New York City where he started working on Wall Street in equity trading, making a lot of money during the 1980s with Salomon Brothers. Bloomberg’s stake in the company would grow tremendously while he was a partner, but was unexpectedly let go in the early 1980s when the company was sold.
Bloomberg would receive millions of dollars from being let go due to his equity with Salomon Brothers, and decided that he was going to start his own business with that money. With that, he started Innovative Market Systems that would deal with business data that made it easier for investors to determine trends and make smart business deals. The company would prove to be successful from the start, which contributed to his net worth and allowed him to re-invest his money within his own company.
The success of the early Bloomberg terminal would then branch out into other services that have included media in the form of Bloomberg News and Television, as well as developing websites and radio stations. Some of the other Bloomberg products have included Bloomberg Law and Tradebook, and they have made acquisitions that include other forms of media and business index solutions.
After Rudy Giuliani had served as the Mayor of New York City, Bloomberg decided to enter the political game, running for the mayoral spot in 2001 on the Republican ticket against Mark Green. Bloomberg would win his reelection bids in 2005 and 2009, spending a total of 12 years in the office before being succeeded by Bill de Blasio, but chose not to run for the presidential position in 2016 despite there being many rumors that he could run as a third party candidate.
Bloomberg would have some interesting tactics as a mayor, including limiting the size of sodas and other focuses on health and combating obesity. There would be some backlash, but Bloomberg would still have plenty of supporters. However, he didn’t want high approval ratings. “If I finish my term in office and have high approval ratings, then I wasted my last years in office,” he said.
“That high approval rating means you don’t upset anybody. High approval rating means you’re skiing down the slope and you never fall...You always want to press, and you want to tackle the issues that are unpopular, that nobody else will go after.” Bloomberg’s approval rating would bounce around throughout his time in office, with an overall approval of 64 percent for his 12 total years.
Following his time as the Mayor of New York City, Bloomberg would spend much of early 2014 as a philanthropist, but would then return to take over as CEO of the company the he founded before the end of the year. It’s been a position that Bloomberg has assumed ever since, and has added more acquisitions since his return, and currently has close to 20,000 employees.
Now, Bloomberg is 76 years old and is worth an estimated $51.6 billion, which makes him the 11th richest person in the entire world, and the eighth richest person in the United States. A decade ago, Bloomberg’s net worth was estimated to be $11.5 billion, showing that he’s had a lot of growth during that time. He’s climbed the ladder up the world’s richest people several times, and it doesn’t look like he’s quite done yet.
A lot of the money that Bloomberg spends these days comes from his philanthropic efforts, with a large focus on the environment. Bloomberg has donated millions over the past decade in hopes of a greener America and the world over. This included in 2018 when Bloomberg donated around $15 million to the United Nations’ efforts to stop climate change after the United States pulled out of the Paris climate accord.
Donations like this have made Bloomberg a candidate for the Democratic nomination for U.S. President on several occasions, and it’s unlikely that the rumors will die off in 2020, especially as he’s been contentious with Donald Trump. “Management is something you learn over a period of time and you have to manage larger and larger groups of people and make more and more difficult decisions and live with those decisions as you go,” he’s said about leadership.
When it comes to running for the White House, he added that the chances are “not very high,” but didn’t rule anything out. “It’s not going to be you,” he said. “It’s the staff that you’re going to build that team I talked about. But at the moment I’m not running for president.” Things can always change, however.